If released, Nowhera offers to clear all dues

HYDERABAD: If release from jail, Nowhera Shaik of Heera Gold Exim Private Limited, on Wednesday appealed to the High Court to clear all dues to the depositors concerned.

Nowhera, the Managing Director of the Hyderabad-based Heera Gold group, arrested in a ponzi scheme case made a submission to the court through her counsel stating that she is ready to pay to the last penny.

Earlier, Enforcement Directorate attached 96 immovable properties based in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh worth Rs 277.29 crore and movable assets of Rs 22.69 crore totaling Rs 299,99,16,291 under PMLA 2002 complexes and bank balances.

ED initiated investigations under PMLA on the basis of FIRs registered by Central Crime Station, Hyderabad, Telangana & Andhra Pradesh Police against Nowhera Shaik of M/s Heera Group of Companies and related others on the allegation of illegally collecting deposits from lacs of investors under the guise of very high returns. Multiple FIRs have been registered by the aggrieved depositors across the country against Heera Group of Companies. 

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Nowhera Shaik along with her family members and close associates diverted the depositor’s money to their personal accounts and amassed huge movable and immovable assets for wrongful personal gain. The diverted funds were further layered into various shell companies and in the form of benami assets so as to ultimately cheat lacs of innocent victims and to launder these crime proceeds for personal benefit.

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